Laserfiche WebLink
REASONS FOR THE REQUEST (CONT.) <br /> ■ ALTHOUGH CONSTRUCTION WAS ORIGINALLY EXPECTED TO BE COMPLETED BY <br /> MARCH 2O26, CHALLENGES IN OBTAINING STATE AND FEDERAL TAX CREDITS AS <br /> WELL AS FEDERAL TAX-EXEMPT BONDS FINANCING HAVE PUSHED BACK THE <br /> TIMELINE. <br /> ■ IN 2025, THE APPLICANT APPLIED TO THE HAWAI`I HOUSING FINANCE AND <br /> DEVELOPMENT CORPORATION ( HHFDC) FOR $40.72 MILLION IN STATE AND <br /> FEDERAL TAX CREDITS AND $38.33 MILLION IN FEDERAL TAX-EXEMPT BONDS <br /> FINANCING, WITH AN AWARD DECISION ANTICIPATED BY AUGUST 2025. <br /> ■ THIS FUNDING WOULD ENABLE CONSTRUCTION TO BEGIN NO LATER THAN <br /> JANUARY 2026, WITH AN ESTIMATED BUILD-OUT PERIOD OF 18 TO 24 MONTHS. <br /> TO ENSURE SUCCESSFUL COMPLETION AND PROVIDE FLEXIBILITY FOR UNFORESEEN <br /> DELAYS, THE APPLICANT IS CONSERVATIVELY REQUESTING THAT THE <br /> CONSTRUCTION DEADLINE BE EXTENDED TO MARCH 2031 . <br />